30-Year, 15-Year Mortgage Rates Drop

The average interest rate for 30-year fixed-rate mortgages fell to 7.09% this week, Freddie Mac said. The decrease, from 7.15% last week, leaves the average between a four-month high of 7.19% at the start of March and a four-year low of 6.89% in mid-January. Fifteen-year mortgages averaged 6.74% this week, down from 6.79% last week, the mortgage company said. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.68%, the same as last week. The rate figures do not include the fees known as points.